Modi, Putin and Pezeshkian urge local currencies and secure trade at BRICS forum

In the business-focused segment of the BRICS gathering, Prime Minister Narendra Modi stressed that global commerce depends on secure sea lanes and the safety of seafarers, positioning India as a firm supporter of navigation freedom. President Vladimir Putin warned that the world economy is undergoing deep structural changes, with emerging economies overtaking the former growth engines of the late twentieth century. President Masoud Pezeshkian advocated for expanding the use of national currencies in intra-BRICS trade and called for mechanisms to manage currency risk, while urging the New Development Bank to become the main source of local-currency financing for infrastructure and energy projects.

The remarks were made against a backdrop of U.S. President Donald Trump’s warnings that BRICS moves to challenge the dollar could trigger tariffs. The forum, a private-sector platform held annually before the BRICS Leaders’ Summit, serves to shape the bloc’s economic agenda.